Holiday Shoppers Divided Over Spending

Holiday Shoppers Divided Over Spending

Holiday Shoppers Divided Over Spending

Deloitte recently released their 25th annual survey of consumer intentions for spending this holiday season, and the results are interesting. Economic woes have left many consumers less likely to spend as much money as they would for gifts a few years ago, but some important sections of the survey demographics showed a surprisingly cheerful outlook.

Nearly 70 percent of consumers reported that their finances are in better shape or the same as they were last holiday season. This has lead to 62 percent of survey respondents claiming that they will spend at least as much or even more than they did on gifts last year. Despite these optimistic plans, 50 percent of respondents said that they feel that the U.S. is in a recession or heading towards one.

Consumers making over $100,000 yearly were the most optimistic, with 45 percent claiming that the economy will improve over the next year. This group also feels the most secure in their jobs, leading to higher spending averages of $826. Consumers between 45 and 60 were the most likely to report their economic situation is worse than last holiday season, and this group also reported that they will cut back on gift purchases this year more than other age groups. 18 to 29 year old consumers seem to have saved more throughout the year to afford holiday gifts, with almost 40 percent claiming this as a reason they’re ready to shop.

Results from Deloitte’s survey also demonstrate the impact the internet has had on shopping. 46 percent feel that they are better educated about prices due to easy comparison shopping. Wider variety, availability and good reviews also help consumers make the right purchase online. Smartphones have led the way in online shopping recently, and 17 percent of consumers plan to use their smartphone for shopping during this holiday season.

 


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